STX shipbuilding graduates from court receivership

By Park Sae-jin Posted : July 3, 2017, 13:22 Updated : July 3, 2017, 13:22

[Aju News DB]


STX Offshore & Shipbuilding graduated from court management to resume normal operations, nearly 14 months after the troubled shipbuilder was put under receivership to liquidation.

A bankruptcy court said it has terminated its receivership, citing the shipbuilder's improved financial status. STX, which used to be the country's fourth-largest shipbuilder, filed for court receivership on May 27 after creditors concluded that it has no chance of coming back despite a massive injection of liquidity from creditors.

Through aggressive mergers and acquisitions abroad, the STX group nurtured its shipbuilding unit as the world's fifth largest shipyard, but it began falling apart in 2008 when a financial crisis battered the global shipbuilding industry. The crisis forced it to grab orders at lower prices that have undermined its bottom line.

Lim Chang-won = cwlim34@ajunews.com

 
기사 이미지 확대 보기
닫기